Power Tools Market to Increase Gradually by Reaching a Valuation of USD 36.82 Billion with a CAGR of 4.3% by 2030; Development of Multi-Purpose Products and Additional Accessories is Expected to Create Lucrative Opportunities to Drive Market Pathway

The global power tools market size is estimated to display strong growth by reaching USD 36.82 billion by 2030. Fortune Business Insights™ in its report titled “Power Tools Market Size, Share & COVID-19 Impact Analysis, By Mode of Operation (Electric, Pneumatic and Others), By Tool Type (Drilling & Fastening Tools, Material Removal Tools, Sawing & Cutting Tools, Demolition Tools, and Others), By Application (DIY and Industrial) and Regional Forecast, 2023-2030” observes that the market size in 2022 stood at USD 26.61 billion and is expected to reach USD 27.51 billion in 2023 with a CAGR of 4.3% during the forecast period. Power tools are used in various industries such as automotive, aerospace, construction, petrochemical, oil and gas, and others to ease operations. Development of multi-purpose products and additional accessories is expected to create lucrative opportunities for the market growth. Expansion in the construction and manufacturing sectors is estimated to create demand for such tools. 

Makita Corporation Introduced Advanced Nailer 18 Gauge 2” Brad Nailer (AF506)

In June 2021, Makita Corporation introduced an advanced nailer named 18 Gauge 2” Brad Nailer (AF506), which can be used on hard and soft wooden surfaces. It is a battery-operated power tool equipped with better ergonomics. The new and advanced product launches by the market companies have propelled the market growth and is set to surge the product demand.

Halt on Production Activities During Pandemic Declined Market Growth

During the initial phase of the COVID-19 pandemic, Wuhan has been a base of modern industrial manufacturing for optoelectronic technology, automotive manufacturing, iron manufacturing, and steel manufacturing. Thus, it negatively affected the production activities in various industries hampering market growth. For instance, the China Passenger Car Association (CPCA) in reports stated that car sales in China were down by 92% in February 2020.

Development of Multi-purpose Products and Accessories to Boost Market Expansion

Development of multi-purpose products and accessories to drive the market growth. Atlas Copco AB, Robert Bosch Tool Corporation, Techtronic Industries Co. Ltd., and others have been developing energy-efficient power tool products with new technologies. Market leaders have been introducing multi-purpose machines, which can be used precisely while conducting numerous operations. Consumers are banking on cordless power tool products that are easy to operate on high-torque, light in weight, compact, and efficient.

New Kitchen Multi-tool by Stanley Black & Decker to Widen the Market Offerings

Prominent market participants have a strong presence in Asia Pacific, North America, and Europe. Hence, these companies focus on acquiring small and mid-sized companies with a strong local presence in the market. It allows them to expand their businesses and customer bases in other regions/countries. In October 2022, Stanley Black & Decker launched a kitchen multi-tool for various kitchen applications. It’s the first cordless power tool in the kitchen segment, with powerful performance and convenience that endorses creativity.

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https://www.fortunebusinessinsights.com/industry-reports/power-tools-market-101444

Notable Industry Development

• July 2021: Makita UK extended its outdoor power tools segment with its advanced XGT 40VMax machines. It includes UR002G 40VMax Cutter and 40VMax Hedge Trimmer that are brushless.

List of Key Companies Profiled in the Report:

• Robert Bosch GmbH (Germany)


• Stanley, Black & Decker, Inc. (U.S.)


• Hilti Corporation (Liechtenstein)


• Atlas Copco AB (Sweden)


• Makita Corporation (Japan)


• Emerson Electric Co. (U.S.)


• Hitachi Koki Ltd. (Japan)


• Ingersoll Rand (U.S.)


• Techtronic Industries Co. Ltd. (Hong Kong)


• Enerpac Tool Group (U.S.)

Further Report Findings

• The market in Asia Pacific stood at USD 9.43 billion in 2022 owing to growing industrialization, infrastructure development, and urbanization, which is expected to the drive the market share. Increasing number of Chinese players in the market with competitive pricing would aid growth.


• India is set to have the most promising pace due to increasing automotive manufacturing clusters and heavy construction sector development.


• The Middle East & Africa is also projected to impact the market positively due to growing adoption of power tools across the construction, power and energy, and oil & gas sectors.

Table of Segmentation